How to Stick to a Renovation Budget

February 16, 2016

Refreshing a space can be an exciting new start, but nothing puts a damper on seeing your vision become reality like an unexpected price tag. Although home improvement can be an unpredictable venture, by planning carefully at the beginning, you can take steps to keep your project budget from running wild.

 

Know your Money

No matter if you’re working with a large budget or a very limited one, you should take the time to do some research and understand the exact value of your dollar. By keeping your expectations educated and realistic, you’ll be able to allocate your funds more accurately and more effectively navigate the volatile waters of renovations.

 

Understand the Cost Breakdown

Every type of remodel will have its own cost breakdown, and a good chunk of that will go toward the hired labor. When you discuss budget with your contractor, make sure you understand the division of funds for various materials, appliances, and service, and be specific with your expectations and your schedule to avoid any hiccups later. 

 

 

Decide Priorities

Whether you’re anticipating a splurge on that state-of-the-art kitchen range or avoiding extra costs altogether, you should set your priorities at the beginning of the project and plan to stick to them. If you know you’re prone to falling in love with the expensive shower tile, add a cushion into the budget, just in case. If you’re working with constricted funds, limit yourself accordingly and make the budget your priority. 

 

Always Have a Buffer
Just because you are not allowing a splurge for fancy upgrades does not mean there won’t be unforeseen costs. Things can go from a simple shower remodel to replacing rotten sub-boards swiftly and suddenly, so make sure to allow room in your budget for surprises.

 

Don’t Overlook the Inconveniences

Staying in your home during a remodel is often ideal but not always easy. If you are living in a kitchen-less apartment for weeks and frequently eating out as a result, or if you are avoiding the construction altogether and waiting out the remodel in a hotel, don’t forget that these expenses, too, will be a part of your budget. By planning ahead, you can find the best arrangement for both your family and your lifestyle.

 

 

 

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